Avidity Biosciences (NASDAQ:RNA) Hits New 1-Year High - What's Next?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $49.60 and last traded at $49.56, with a volume of 391587 shares traded. The stock had previously closed at $46.70.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target on the stock. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 target price for the company. Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $60.75.

Avidity Biosciences Trading Up 4.8 %

The stock has a market cap of $4.68 billion, a P/E ratio of -15.83 and a beta of 0.89. The company's 50 day moving average price is $43.97 and its two-hundred day moving average price is $36.92.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to analysts' expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company's stock, valued at approximately $3,036,792. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $45.01, for a total value of $225,050.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $667,498.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now owns 69,018 shares of the company's stock, valued at $3,036,792. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,543 shares of company stock valued at $5,774,742. Company insiders own 3.68% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the stock. Quarry LP increased its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after acquiring an additional 1,700 shares during the last quarter. nVerses Capital LLC increased its position in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock worth $139,000 after purchasing an additional 700 shares during the last quarter. Amalgamated Bank raised its stake in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company's stock valued at $180,000 after purchasing an additional 1,076 shares during the last quarter. Finally, Privium Fund Management B.V. purchased a new position in shares of Avidity Biosciences in the 1st quarter worth $205,000.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.

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